Edward T. Tilly

Wednesday, the Chicago Board Options Exchange completed its $3.4 billion acquisition of rival Kansas-based Bats Global Markets. Combined, the new CBOE emerges with an estimated $10 billion market capitalization, which is in the neighborhood of the competing and better-known New York-based NASDAQ stock exchange.

That's pretty good for an organization often touted as a likely seller rather than a buyer. Usually, the suitor was rumored to be the Chicago-based CME Group, which is sort of a second cousin to the CBOE.

That big buyout narrative, however, changed last September once the deal for Bats was announced and plans for a newly...

William Brodsky, longtime leader of the Chicago Board Options Exchange, will resign from the holding company's board of directors after the acquisition of Bats Global Markets.
Brodsky, 72, has served as chairman of the board for CBOE Holdings since May...